Ancient & Accepted Scottish Rite of Free Masonry Southern Jurisdiction

“A copy of the completed form 990 and schedules are reviewed by the board treasurer prior to filing.”

“All financial transactions are reviewed by the executive committee comprised of the head individual for each of the four bodies plus the secretary, treasurer, and personal representative to the sgig.”

“The governing documents are made available to the public upon request. The bylaws are available on the website.”

“Almoner total expenses for the year ended december 31, 2014 were $600.”

“As a result of the 2013 financial audit, which was completed in 2015, the council believes that their cumulative actual costs upon purchasing their equity interest of the masonic temple association were $69,780. The effects on form 990, part x of the balance sheet were a reduction of both lines 12 and 27 (investment and unrestricted net assets) by $129,767.”

“The council believes that the paraphernalia should have been depreciated over their useful lives. Therefore, a prior year adjustment was made of which the effects on form 990, part x were a decrease in other assets and a decrease in unrestricted net assets by $106,546. Additionally, some paraphernalia items were reclassified to inventory. As a result, the effects on form 990, part x were an increase in inventory and an increase in unrestricted net assets by $2,564. Lastly, the council has also reclassified some items into fixed assets. The effects on form 990, part x were an increase in fixed assets and an increase in unrestricted net assets by $3,785. Net total prior year adjustment was $100,197 decrease in unrestricted net assets.”

“As a result of the 2013 audit, the council has determined that endowment accounts exist as reported on form 990, part x, other assets, and on form 990, schedule d. Estimated and cumulative balance as of december 31, 2013 was $688,473, which include principal and net investment income. Life memberships - the principal is preserved; the income is board designated. At december 31, 2014, the principal and investment income were $92,469 and $7,262, respectively. Total income and expenses were $2,400 and $47, respectively. Education and youth - the principal is preserved; the income is temporarily restricted until the council makes an appropriation for expenditure. At december 31, 2014, the principal and investment income were $421,716 and $40,784, respectively. Total expenses were $656. Accordingly, form 990, part x, column a,was modified for comparability with column b.”

“Basis of accounting: the organization prepares its form 990 on the modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the united states of america. As such, form 990 includes depreciation expense recognized on fixed assets, and investments are recorded at fair market value. All other income and expenses are recognized only as cash is received or paid. Receivables, prepaid expenses, payables, and accrued expenses are not reflected. All investments are recorded at fair value, which is a departure from modified cash basis of accounting. Au section 623.04 and ar section 60 permit modification of the pure cash-basis when modification has substantial support. Substantial support exists when the method used is equivalent to the accrual method of accounting for the particular item, and the method is not illogical. A recent interpretation has concluded that adjusting fair value of investments is a departure from the modified cash basis of accounting.”